Woodline Partners LP Sells 601,124 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Woodline Partners LP drastically reduced its stake in Procore Technologies by 86.9%, selling 601,124 shares and retaining only 90,856 shares valued at approximately $6 million.
• Several large investors have recently adjusted their positions in Procore, with institutional investors now owning 81.10% of the company's stock.
• Procore Technologies reported earnings of $0.35 EPS for the quarter, exceeding analyst expectations and showing a revenue increase of 13.9% year-over-year.

Woodline Partners LP lowered its position in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 86.9% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 90,856 shares of the company's stock after selling 601,124 shares during the period. Woodline Partners LP owned about 0.06% of Procore Technologies worth $5,998,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PCOR. Northwestern Mutual Wealth Management Co. lifted its holdings in Procore Technologies by 277.0% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 524 shares of the company's stock worth $35,000 after buying an additional 385 shares during the period. SVB Wealth LLC acquired a new position in Procore Technologies during the 1st quarter worth about $49,000. Versant Capital Management Inc lifted its holdings in Procore Technologies by 174.2% during the 1st quarter. Versant Capital Management Inc now owns 1,001 shares of the company's stock worth $66,000 after buying an additional 636 shares during the period. Signaturefd LLC lifted its holdings in Procore Technologies by 53.4% during the 1st quarter. Signaturefd LLC now owns 1,203 shares of the company's stock worth $79,000 after buying an additional 419 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Procore Technologies by 66.6% during the 1st quarter. GAMMA Investing LLC now owns 1,243 shares of the company's stock worth $82,000 after buying an additional 497 shares during the period. 81.10% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Procore Technologies

In other Procore Technologies news, Director Connor Kevin J. O sold 7,692 shares of the stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $66.28, for a total transaction of $509,825.76. Following the completion of the transaction, the director directly owned 1,146,405 shares of the company's stock, valued at approximately $75,983,723.40. This represents a 0.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Howard Fu sold 797 shares of the stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $63.85, for a total value of $50,888.45. Following the transaction, the chief financial officer directly owned 189,457 shares of the company's stock, valued at approximately $12,096,829.45. This trade represents a 0.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 35,921 shares of company stock valued at $2,525,652. 21.50% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have commented on the company. JMP Securities reaffirmed a "market perform" rating and set a $95.00 target price on shares of Procore Technologies in a report on Friday, August 1st. Piper Sandler lifted their target price on Procore Technologies from $75.00 to $82.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Stifel Nicolaus lifted their target price on Procore Technologies from $75.00 to $80.00 and gave the stock a "buy" rating in a report on Friday, August 1st. BMO Capital Markets boosted their price objective on Procore Technologies from $75.00 to $82.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Finally, Mizuho boosted their price objective on Procore Technologies from $65.00 to $70.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Procore Technologies currently has an average rating of "Moderate Buy" and an average target price of $83.06.

Procore Technologies Stock Down 0.3%

PCOR stock traded down $0.20 during trading on Thursday, reaching $72.36. 580,894 shares of the stock were exchanged, compared to its average volume of 1,453,957. The firm's 50 day moving average is $69.12 and its 200 day moving average is $67.52. Procore Technologies, Inc. has a twelve month low of $53.71 and a twelve month high of $88.92. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.02. The firm has a market cap of $10.87 billion, a P/E ratio of -75.46 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.11. The business had revenue of $323.92 million for the quarter, compared to the consensus estimate of $311.91 million. Procore Technologies had a negative return on equity of 7.66% and a negative net margin of 11.58%.The firm's revenue for the quarter was up 13.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.39 EPS. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, research analysts forecast that Procore Technologies, Inc. will post -0.15 EPS for the current year.

Procore Technologies Profile

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company's platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects.